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Business

Take any opportunity to sell stocks during a busy earnings week




CNBC’s Jim Cramer on Friday advised investors to take any chance to sell stocks next week as the busy earnings season continues.

“The market is dominated by the tick, tick, tick of bonds, oil and the dollar. So remember, if we have a big discovery like yesterday, there’s a chance to do something [selling] because there probably won’t be any follow-up,” he said.

Cramer’s comments come after stocks fell on Friday to end a volatile week of trading, just one day after the market snapped a six-day losing streak with a historic intraday reversal.

He also previewed next week̵[ads1]7;s results summary. All earnings and revenue estimates are provided courtesy of FactSet.

Monday: Bank of America

  • Q3 2022 earnings announcement at 6:45 a.m. ET; conference call at 8:30 a.m. ET
  • Estimated EPS: 78 cents
  • Estimated revenue: $23.54 billion

Cramer said he expects the bank to report a big number, but that it may have no effect on the stock if bonds, oil or the dollar go full steam on the same day.

Tuesday: Goldman Sachs, Johnson & Johnson, Netflix

Goldman Sachs

  • Q3 2022 earnings announcement at 7:30 a.m. ET; conference call at 9:30 a.m. ET
  • Estimated EPS: $7.75
  • Estimated revenue: $11.42 billion

Calling the stock “crazy cheap,” Cramer said he’s looking for a solid bottom line from the company in the latest quarter.

Johnson & Johnson

  • Q3 2022 earnings announcement between 6:25 and 6:40 am ET; conference call at 8:30 a.m. ET
  • Estimated EPS: $2.48
  • Estimated revenue: $23.36 billion

The stock remains one of his favorites, Cramer said.

Netflix

  • Q3 2022 results announcement at 4:00 p.m. ET; conference call at 6 p.m. ET
  • Estimated EPS: $2.14
  • Estimated revenue: $7.84 billion

He said he expects to hear more about the company’s new ad-supported tier and believes the company will roll it out without going overboard with the number of ads.

Wednesday: Procter & Gamble, Tesla, IBM, Lam Research

Procter & Gamble

  • 1st quarter 2023 results announcement at 6:55 a.m. ET; conference call at 8:30 a.m. ET
  • Estimated EPS: $1.55
  • Estimated revenue: $20.35 billion

The company’s stock will go up even if the quarter is bad because so many short sellers are betting against it, Cramer predicted.

Tesla

  • Q3 2022 earnings announcement between 4:05 PM and 5:00 PM ET; conference call at 5:30 p.m. ET
  • Estimated EPS: $1.01
  • Estimated revenue: $22.14 billion

He said buyers are likely to support the company’s stock no matter what the quarter looks like.

IBM

  • Q3 2022 results announcement at 4:05 p.m. ET; conference call at 5 p.m. ET
  • Estimated EPS: $1.79
  • Estimated revenue: $13.53 billion

It is unclear whether the company will be able to post results that will excite the market, Cramer said.

Lamb Research

  • Income statement for the 1st quarter 2023 at 4:05 p.m. ET; conference call at 5 p.m. ET
  • Estimated EPS: $9.58
  • Estimated revenue: $4.93 billion

“If Lam says they see cuts similar to what we heard from Applied Materials, AMAT, this week, then the whole semiconductor world is going to go down again,” he said.

Thursday: AT&T

  • Q3 2022 results announcement at 7 a.m. ET; conference call at 8:30 a.m. ET
  • Estimated EPS: 61 cents
  • Estimated revenue: $29.84 billion

Cramer said that while he hopes AT&T won’t have a disappointing quarter, he’s skeptical the company will make it.

Friday: Verizon

  • Q3 2022 earnings announcement at 7:30 a.m. ET; conference call at 8:30 a.m. ET
  • Estimated EPS: $1.29
  • Estimated revenue: $33.78 billion

Verizon’s stock performance suggests the company is struggling because of competition from T-Mobile, Cramer said.

Disclaimer: Cramer’s Charitable Trust owns stock in Johnson & Johnson and Procter & Gamble.

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